Section 44ad

As per the new provision of Sec 44Aad if the eligible assessee incurred loss from the eligible business for AY 2011 -12, then to claim the loss, eligible assessee has to maintain books of account under sec. 44AA and get his account audited under sec. 44AB of the Income Tax Act, 1961.

Originally posted by : ca.r.harirao
	can manufacturing unit (eligible business)of a partnership firm (eligible business ) claim loss during the assessment year 2011-2012 with out accounts being audited U/sec 44ab as per new provisions

YES, U COULD BE ESCAPE FROM SECTION 44AB.

THAT YOU HAVE TO SATISFIED TWO CONDITION.

(1) YOUR TURNOVER SHOULD BE  BELOW 60 LAC.

(2) YOUR INCOME MUST BELOW TAX SLAB.

IN YOUR CASE U R IN LOSS THERE IS NO REQUIREMENT OF AUDIT U/S 44AD. U NOT SPECIFIED TURNOVER IN YOUR QUESTION.

AS TIME LIMIT HAS BEEN ELAPSED FOR U FOR FILLING LOSS RETURN. IT IS ADVISIBLE TO MAKE AUDIT U/S 44 AD.